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How TPG (TPG) makes money
TPG (TPG) made $1.2B of revenue in the third quarter 2026 (Q3 2026), -0.2% from a year earlier. Management fees brought in $573M (47%); Other revenues brought in $508M (42%); Expense reimbursements and other brought in $67.6M (6%). Of every dollar of revenue, 26¢ was left as operating profit, 8¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Management fees | $573M | 46.9% | +10% | +22% |
| Other revenues | $508M | 41.6% | -55% | -19% |
| Expense reimbursements and other | $67.6M | 5.5% | -2% | -15% |
| Transaction fees | $51.7M | 4.2% | -47% | +68% |
| Incentive fees | $10.5M | 0.9% | +17% | +43% |
| Monitoring fees | $10.2M | 0.8% | +47% | +19% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.2B | 100.0% |
| Operating profit | $322M | 26.4% |
| Income tax | $58.0M | 4.8% |
| Net earnings | $99.6M | 8.2% |
| Operating cash flow | $249M | 20.4% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.2B | -0.2% |
| Q2 2026 | $1.8B | +100% |
| Q1 2026 | $500M | -52% |
| Q4 2025 | $1.5B | +38% |
| Q3 2025 | $1.2B | +43% |
| Q2 2025 | $921M | +24% |
| Q1 2025 | $1.0B | +26% |
From TPG's 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does TPG make money?
TPG (TPG) made $1.2B of revenue in the third quarter 2026 (Q3 2026), -0.2% from a year earlier. Management fees brought in $573M (47%); Other revenues brought in $508M (42%); Expense reimbursements and other brought in $67.6M (6%). Of every dollar of revenue, 26¢ was left as operating profit, 8¢ was left as net earnings.
What is TPG's biggest business?
Management fees: $573M in the third quarter 2026, 47% of revenue, +22% from a year earlier.
What is TPG's profit margin?
Net earnings were $99.6M, 8.2% of revenue, in the third quarter 2026; the operating margin was 26.4%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.